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What Is a Generative AI Strategy?
How to Build a Successful Generative AI Strategy?
Get Ready for Your Generative AI Strategy
FAQs
Generative AI (GenAI) represents a groundbreaking advancement in technology, capable of producing original content across various mediums, from text, code, and images to video and audio. This transformative capability has translated to life-changing use cases of Generative AI in business in numerous industries, ranging in retail, healthcare, finance, manufacturing, and more.
It’s no surprise that GenAI is recognized as one of today’s top emerging enterprise technologies. According to KPMG, 80% of senior US business leaders anticipate industry disruption, and 93% expect substantial business value from Generative AI.
We have also seen substantial investments in Generative AI initiatives in recent years. CB Insights reports a staggering 407% increase in total investments, soaring from $4.3 billion to $21.8 billion between 2022 and 2023, with Goldman Sachs estimating $200 billion by 2025.
The future of GenAI promises to disrupt industries further and revolutionize business models in unprecedented ways. Therefore, whether your journey with Generative AI is just beginning or you are already innovating in this space, it’s essential to anchor your projects in a strategic framework. Such a Generative AI strategy ensures alignment with your business objectives, laying the foundation for Gen AI to drive real business growth and innovation.
Read on to explore actionable insights on what constitutes a value-driving Generative AI strategy and how to craft a successful one.
A Generative AI strategy is a carefully crafted plan for how your company can use Gen AI to meet and exceed its goals. The strategy acts as the backbone for all GenAI-related projects and helps your organization stay agile during challenges.
A value-driving generative AI strategy, based on the company’s goals and vision, should concentrate on:
We’ll discuss each of these key pillars in detail in just a second.
Following are 6 fundamental steps to build an effective generative AI strategy for your business, highlighting 5 major pillars mentioned earlier.
To craft a value-driven Generative artificial intelligence strategy, you must first evaluate your organization’s needs and pinpoint where GenAI brings benefits.
Begin by reviewing your current processes and workflows, especially those that involve repetitive tasks or potential for errors.
Next, identify specific areas where Generative AI techniques can enhance operations. For example, they can improve marketing content creation, aid in product design and prototyping, automate software development tasks, enhance customer service with chatbots, or support creative endeavors like art and music.
Then, prioritize them to make sure your efforts are directed toward the most impactful opportunities. You can base your decision on primary factors such as ROI potential, feasibility of implementation, alignment with strategic goals, and availability of required data and resources.
It’s pivotal that all stakeholders agree on Generative AI priorities. If business leaders like the Chief Technology Officer (CTO) and the Chief Marketing Officer (CMO) are not on the same page, the entire project could be derailed. Therefore, before moving forward, try your best to secure consensus among all decision-makers on the highest-priority opportunities.
While creating a Generative AI strategy, numerous capability gaps in technology, processes, and technical skills will be revealed. To address these gaps, you should invest in important areas like human talent, data management, MLOps engineering, scalable infrastructure, change management, and risk management.
The human element plays a significant role in successfully executing a GenAI strategy. This means defining roles and responsibilities and designing a team structure that promotes innovation and efficiency.
A solid starting point for your Generative AI team should include:
In addition to identifying these current roles, ensure you plan for your future talent needs. Given that nearly 61% of those planning to incorporate Generative AI are unsure how to use trusted data sources or secure sensitive data, providing education, training, and upskilling for your team is essential to navigate and leverage Generative AI opportunities and challenges effectively.
If you urgently need a skilled and robust Generative AI team to develop solutions end-to-end, consider exploring Generative AI consulting services from third parties. At Neurond, we understand the complex, resource-intensive, and time-consuming process of building a Generative AI team, so we’re here to help! Rest assured, our dedicated AI experts and consultants offer unparalleled guidance, helping you navigate your Generative AI journey from ideation to implementation smoothly, rapidly, and effectively.
Conducting a thorough technical assessment enables you to evaluate your organization’s current capabilities and identify any gaps or requirements, ensuring the smooth integration of next-generation AI technologies into your systems and infrastructure.
First, examine your existing infrastructure and capabilities. Then, look at your technology stack, including software and networking resources, and assess whether it can support Generative AI models. Pay special attention to your data storage, management systems, and software frameworks.
One important note is to evaluate your data maturity carefully. To get a complete picture of your analytics and data maturity, you should:
With this understanding, you can identify gaps in your AI technology, processes, and personnel that need improvement. It will also provide a benchmark to measure your progress as you enhance your Generative AI capabilities.
Once you have reviewed all the technical requirements, you can develop a structured roadmap for upgrades and integrations.
Here are a few key points to consider:
One pro tip is to take the agile approach to developing an adoption roadmap. This means starting with pilot deployments, refining based on feedback, and scaling gradually to achieve your goals. For example, you can begin with simple use cases, such as marketing, to help your organization gain experience before integrating Generative AI into larger, more complex processes. However, you should aim for the right balance since moving too slowly with AI adoption reduces its potential, while rushing increases risks.
Your adoption roadmap should also outline when to expand, refine, or even discontinue pilot projects based on their impact. For instance, if a Generative AI model shows fragmented business benefits, you should continue iterating and testing before scaling it across the organization since the best way to adopt Generative AI is through strategic road mapping.
Generative AI technology raises legitimate ethical concerns, such as bias, disinformation, and misuse of personal or customer data. Therefore, establishing a robust governance framework is crucial to warrant ethical and responsible AI implementation.
Governance here means deploying GenAI ethically and using robust monitoring systems to evaluate strategy performance. Human oversight also plays a vital role in governance because it helps reinforce the accuracy, safety, and ethical integrity of these systems, aligning them with human values.
Most importantly, given that Generative AI heavily relies on data, it’s imperative to draw up rigorous data management policies and processes. This could be done by first outlining clear data acquisition, storage, usage, and sharing policies in a comprehensive data governance framework. Then, define roles for data ownership and stewardship, employ data classification and cataloging systems, and implement procedures for managing data throughout its lifecycle.
Next, guarantee your data quality, security, and compliance. Several actions can be taken to achieve this, from running checks for quality and validation to enforcing data security measures like encryption and access controls and adhering to relevant data privacy regulations such as GDPR and CCPA.
Now is the time to integrate and expand your Generative AI solutions throughout your organization.
The first sub-step here is to build standardized procedures for deploying and monitoring generative models in production. Following up is defining deployment strategies like staged rollouts or canary releases, setting up monitoring and logging tools to track AI model performance, and creating protocols for updating and versioning models.
After that, you need to verify that your GenAI solutions integrate seamlessly with your existing systems and workflows to maximize their value. To do this, begin by identifying integration points with legacy systems, then develop APIs and interfaces for efficient data exchange. Finally, don’t forget to provide thorough training and documentation for end-users and stakeholders.
Last but not least, refine and enhance your approach continuously based on feedback and outcomes. Generative AI is an iterative journey, so ongoing improvement is a must. What you should do is try to gather as much feedback from users and stakeholders as possible, analyze performance metrics to pinpoint areas for optimization, and carry out processes to retrain and refine AI models regularly.
Generative AI presents significant transformative potential for businesses, enhancing creativity, efficiency, and customer experience across various operations such as marketing, sales, customer service, and product development.
However, to leverage this technology effectively and stay competitive, you must invest in a comprehensive Generative AI strategy. 6 key phases we recommend to build such a strategy for sustained long-term competitive advantage are assessing business requirements, planning for GenAI talent, conducting technical evaluations, mapping adoption strategies, ensuring ethical governance, integrating and scaling GenAI solutions.
1. How do you start developing a GenAI strategy?
2. What are the biggest challenges of implementing a GenAI strategy in enterprises?
Below are the 5 most significant obstacles that your business might encounter when implementing a GenAI strategy:
3. How do you measure the success of a GenAI strategy?
5 key steps to measure a GenAI strategy’s success are as follows:
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